Brick Quadplex with Separate
For Sale
$475,000
2651 North Wauwatosa Avenue Unit 14, Wauwatosa, WI 53213
Fully rented four-unit property with upgraded major systems, appliance package, and off-street parking.
Property Size2,880 SF
Price / SF$164.93
Days on Market212
Property Features for 2651 North Wauwatosa Avenue Unit 14
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Net Operating Income
$22,370
Additional Details
Multifamily Units
4
Amenities
Laundry Facilities, Block, Full, Yes
Low Maintenance Trim, Brick
Building Details
Year Built
1951
Construction
brick
Listing Agency:
The Stefaniak Group, LLC
Listed By:
Ryan P Stefaniak · License #78930-94
(414) 881-5034
Source:
Compass
Added: Feb 3
Changed: Sep 2
Last Checked: Aug 31 at 1:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Stefaniak Group, LLC
Investment Insights
Based on property information with market context.
This 1951 brick quadplex contains four residential units totaling 2880 SF. Separate utility service supports each unit, while recent property improvements include vinyl windows, a tear-off roof, furnaces, hot water heaters, the driveway, rear walkway, and gutters with leaf guards. The exterior includes low-maintenance brick and trim. Seller-owned ovens and refrigerators are included, and off-street parking is available.
The property is fully rented in Wauwatosa, with access to Tosa East, Mount Mary, Froedtert, nearby parks, and North Ave shopping and restaurants. Its location on North Wauwatosa Avenue places the building within a central residential and institutional setting.
The property is fully rented in Wauwatosa, with access to Tosa East, Mount Mary, Froedtert, nearby parks, and North Ave shopping and restaurants. Its location on North Wauwatosa Avenue places the building within a central residential and institutional setting.
Key Highlights
- Four‑family brick property built in 1951
- 2880 SF building with separate utilities
- Fully rented with off‑street parking available
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,863
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$617,260
$617.3K
Cap Rate 7%
$440,900
$440.9K
Cap Rate 9%
$342,922
$342.9K
Market Conditions
NOI Build-Up for 2,880 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.7K $16.20/SF
− Vacancy
−$2.6K −$0.89/SF
EGI
$44.1K $15.31/SF
− OpEx
−$13.2K −$4.59/SF
NOI
$30.9K $10.72/SF
Area
Milwaukee County, WI
Vacancy
5.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$617,260
Cap Rate 7%
$440,900
Cap Rate 9%
$342,922
Alternative Uses
Best Use
Multifamily LT 5
$440.9K
$385.8K – $514.4K
NOI $30,863 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$393.9K
$344.6K – $459.5K
NOI $27,570 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$683.0K
$597.6K – $796.8K
NOI $47,807 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 53213, WI
26,469
Population
12,591
Households
2.1
Avg Household Size
37
Median Age
63%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
6,787
Density / Sq Mi
$94,144
Median Household Income
$59,472
Median Earnings
$1,228
Median Rent
$311,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented four-unit property with upgraded major systems, appliance package, and off-street parking.
Where is this quadplex located?
The property is located at 2651 North Wauwatosa Avenue Unit 14 Wauwatosa, WI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four‑family brick property built in 1951; 2880 SF building with separate utilities; Fully rented with off‑street parking available
